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ARTICLE · 07 OCTOBER 2019

House Passes SAFE Banking Act

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The U.S. House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 ("SAFE Banking Act") by a vote of 321 to 103.

United StatesFinance and Banking
Jordan Thompson
Jordan Thompson
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The U.S. House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 ("SAFE Banking Act") by a vote of 321 to 103.

The Act provides:

  • state-regulated cannabis businesses with access to banking services;

  • financial institutions with relief that they will not be penalized under federal law for providing services to state-legitimate cannabis businesses; and

  • protections for (i) ancillary businesses that may come into contact with funds derived from the cannabis industry, and (ii) the employees of legitimate cannabis-related businesses from being denied financial services.

Commentary

Jordan Thompson

This long-anticipated vote marks a historic moment for the cannabis industry.

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